Talk of semi-official bids (Kampo) soaking up the earlier sales from Japanese trust banks in Asia, but the 78.50 barrier was flushed out earlier to a low of 78.46. There’s some talk of sell stops just below 78.45, but also of another couple of barriers down at 78.25 and 78.00.
Either way it all looks a bit of a grind lower as the trio of trust banks, exporters and some hedge funds battle it out with the BOJ/MOF….
USD/JPY’s sitting around 78.60
